Kremlin says there have been no substantive discussions yet on contacts between Russia and Europe, but Moscow remains open to such contacts.

The IEA said in its monthly oil report that faster-than-demand recovery in Gulf exports, despite continued attacks on shipping, will return the global oil market to a surplus in Q4. It forecasts Q4 supply averaging 105 mln b/d, about 1.7 mln b/d above projected demand; the agency had previously expected a Q4 shortfall. The IEA said this is the first time global supply has exceeded demand since the Iran conflict began.

Germany Oct wholesale price index MoM 0.4% vs 1.9% prior.